Aqua Palms
Tallahassee, FL
FVP acquired the Aqua Palms Apartments, a 500+ bed student housing property in Tallahassee, Florida near the Florida State University Campus. FVP acquired the project at a steep discount to replacement value. The acquisition presented an opportunity to control an underperforming asset with intrinsic value in a very recession-resilient asset category (student housing). Upon acquisition of the asset FVP quickly achieved 98% occupancy. A new capital improvement plan added poolside entertainment amenity features, security enhancements and other upgrades to units. The property was sold in 2019 and achieved strong returns.
Information
Location Tallahasse, FL
Address 1600 Old Bainbridge Rd
Property Type Student Housing
Description 14 Buildings/ 3 story
Vintange 2000
Property Size 168 units/ 500+ beds
Acquisition Date Jun-18
Investment Strategy Value Add / Repositioning
Total Capitalization $11.3m
Stabalization Date Aug-20
Disposition Date Aug-20
Disposition Value 14.7m
